Stalled construction and development of real estate in China have forced the Chinese, who spent their hard-earned money on what should've been their dream home, to live in half-finished apartments devoid of any comfort.
More than a dozen home buyers in the southern city of Guilin in China are living in what they call "rotting" apartments-apartments that remain far from finished contrary to how their developers presented them to potential buyers-in an apparent attempt to get developers and authorities to give them what they paid for, Reuters reported.
Another reason why these Chinese home buyers opted to stay in these unfinished properties is because of financial necessity, which likely resulted from a variety of factors including spending on the apartments themselves.
One particular home buyer, a woman identified only as Ms. Xu for the sake of privacy and safety, has lived in such a rotting apartment for about six months now. She revealed that all of her family's savings have been invested in the property she hoped to call home-one from the Xiulan County Mansion complex.
Xu bought the property three years ago in 2019, after being attracted by the developer's promises as seen in brochures: views from the riverfront as well as clean air. Her apartment, a two-bedroom unit spanning 70 square meters, was priced at about 6,000 yuan (USD$851) per square meter.
The developer, Jiadengbao Real Estate, promised attractive amenities including floor heating facilities and a swimming pool that would be shared by all homeowners investing in the property. The actual living conditions that Xu's apartment provides for her, however, are far from what she hoped to receive.
As of writing, Xu's apartment remains far from complete. The walls are unpainted, and electric sockets are nowhere to be found (there are only holes where these would be located). There's no gas, and the only water supply they have can be accessed outside the building, several flights of stairs below her apartment.
Jiadengbao Real Estate worked quickly at the start of the 34-tower project. Blocks were being built up one after another in a quick pace. Development stopped in 2020, however, after a court accused the developer's parent company of illegal fundraising. The court then seized about 340 million yuan worth of properties including some units in the complex.
Years later, the apartment complex remains unfinished and those who have invested are hoping the government will help them.
"If the government really wants to protect people's livelihoods, and resume construction, we will go back home," Xu, whose husband and son no longer speak to her because of her decision to buy the apartment, said.
Xu is but one of the thousands of Chinese home buyers caught in this similar situation, where developers fail to complete the homes they sold.